Global Soy Protein Ingredients Market Grows Steadily at a CAGR of 2.71%

Introduction

In producing soy protein, organic foods are used as ingredients and created from defatted and dehulled soybean meal. Three high-quality proteins frequently made from dehulled and defatted soybeans are soy flour, soy protein isolates, and soy protein concentrate. Due to consumer preference for plant-based proteins over animal-based proteins, the market for soy protein ingredients is growing globally. The primary factors driving the global market for soy protein ingredients are the rising popularity of vegan diets, their functional effectiveness, cost-competitiveness, and their expanding use in a variety of processed foods, particularly in the ready-to-eat product category.

Market Dynamics

Increasing Demand for Prepared Foods Made of Plant Proteins Drives the Global Market

When considering dietary practices and lifestyle decisions, consumer consumption patterns have changed. Convenience foods with a high nutrient profile and favorable health effects are now in high demand. Consumer-focused research has facilitated the development of meat substitutes that satisfy the needs of vegan consumers or those who refrain from consuming animal protein for health reasons. Businesses aim their products at consumers by developing novel products with organoleptic qualities akin to real meat using modified food processing technologies. These meat substitutes are made with a mixture of soy, wheat, and pea proteins to achieve the desired structure. The soy protein ingredients market is expanding thanks to new compositional research and a modified high-moisture extrusion process.

Increasing Demand for Vegan Diet Creates Tremendous Opportunities

People's preferences are primarily changing away from animal products as they become more concerned with the environment, their health, and animal welfare. The risk of obesity, diabetes, and heart disease rises when one consumes large amounts of animal protein because it raises cholesterol, fat, and calorie levels. People are increasingly turning to vegan sources of protein as a result. This created a strong foundation for the global market expansion of soy protein ingredients. Plant proteins from soy and pea can compete with animal proteins in the market, just like egg protein. Young consumers are looking for plant-based functional foods due to their growing interest in vegan and flexitarian diet concepts. Global demand for soy products is increasing as soy proteins' texture, flavor, and nutritional value have recently improved. This rising popularity of plant-based diets suggests a sizable market opportunity for soy-based goods.

Regional Analysis

North America is the most significant shareholder in the global soy protein ingredients market and is expected to grow at a CAGR of 2.24% during the forecast period. The U.S. produces about one-third of the world's soybeans, followed by Brazil and Argentina, which boosts the country's soy production. The USDA found that soy protein lowers heart disease risk, increasing demand for other vegan proteins and market growth in the country. U.S. meat consumption has increased because soy protein additives make meat more protein-rich. Meat alternatives in the United States frequently use soy protein, which is anticipated to boost the market during the forecast period.

Asia-Pacific is expected to grow at a CAGR of 3.96%, generating USD 3,228.64 million during the forecast period. Due to many vegetarians in India, soy is the most popular plant protein ingredient. The growing popularity of vegan snacks and their superior nutritional value influence the country's demand for soy protein ingredients. It is anticipated that recent government initiatives, such as FDI in retail and smart city initiatives, will boost market growth for soy protein products and subsequently grow the soy protein ingredients market. Due to the shifting consumer trend in India toward preventive healthcare, which further reduces healthcare costs, an increasing number of nutritional supplement producers are now incorporating soy isolates into complex supplements. Also, the number of accessories made with soy protein has significantly increased nationwide.

German consumers are becoming increasingly interested in soy protein ingredients because they are simple to add to various foods and beverages. Due to the rising demand for plant-based food and beverage products, manufacturers of ingredients are increasing their production of plant-based ingredients nationwide. In 2017, ADM increased the size of its Straubing, Germany, facility for producing non-GMO, high-protein soybean meal. It is anticipated that this expansion will make it simpler for them to grow their selection of soybean meals.

Key Highlights

• The global soy protein ingredients market was valued at USD 8,328.03 million in 2021. It is expected to reach USD 10,593.92 million by 2030, growing at a CAGR of 2.71% during the forecast period (2022–2030).
• Based on type, the global soy protein ingredients market is bifurcated into soy isolates, soy concentrates, and textured soy protein. The soy concentrates segment is the highest contributor to the market and is expected to grow at a CAGR of 3.37% during the forecast period.
• Based on application, the global soy protein ingredients market is bifurcated into bakery products and confectionery, meat extenders and substitutes, nutritional supplements, beverages, and animal feed and pet food. The meat extenders and substitute segment owns the highest market share and is expected to grow at a CAGR of 3.29% during the forecast period.
• North America is the most significant shareholder in the global soy protein ingredients market and is expected to grow at a CAGR of 2.24% during the forecast period.

Competitive Players

1. Archer Daniels Midland Company
2. Cargill Incorporated
3. DuPont de Nemours Inc.
4. Kerry Group PLC
5. The Scoular Company
6. Wilmar International Limited
7. Fuji Oil Holdings Inc.
8. Food Chem International Corporation
9. Sonic Biochem Extractions Private Limited
10. Farbest Brands.

Recent Developments

• April 2021- Fuji Oil Holdings Inc., a Dutch subsidiary, invested in UNOVIs NCAP II Fund, a significant fund specializing in food technology. The company plans to contribute to a sustainable society using its processing technologies of plant-based food materials to tackle the issues consumers face worldwide.
• September 2022- Kerry introduces Shere Supreme, a texture system that can cut the price of hard-pack ice cream by up to 50%. Kerry, the world’s top taste and nutrition company introduced Shere Supreme, a newly created, cutting-edge texture system that mimics the properties of locust bean gum (LBG) in hard-pack ice cream.

Segmentation

1. By Type
   1. Soy Isolates
   2. Soy Concentrates
   3. Textured Soy Protein
2. By Applications
   1. Soy Isolates
   2. Soy Concentrates
   3. Textured Soy Protein
   4. Bakery Products and Confectionery
   5. Meat Extenders and Substitutes
   6. Nutritional Supplements
   7. Beverages
   8. Animal Feed and Pet Food
   9. Others